A Surprisingly Strong Showing So Far

The second quarter wasn't pretty: The Federal Reserve raised rates twice, the Dow Jones industrial average rose 179 points-- then fell 190--and the dollar took a dive. So the news from Corporate America comes as something of a relief. According to BUSINESS WEEK's flash report on second-quarter results, profits rose a robust 22% on a higher-than-usual 12% leap in sales. But don't count on double-digit increases in the second half. Many analysts expect a slower U.S. economy to crimp sales and earnings growth for the rest of 1994.

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